How CFOs Can Help Foster Innovation & Creativity In Their Enterprises

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Deloitte recently featured my work in their CFO Insights newsletter. The article is titled, "Unlocking creativity: How CFOs can help cultivate a creative mindset."   CFO Insights draws upon my book, Unlocking Creativity, to examine what Chief Financial Officers can do to help break down the barriers to innovation and creativity in organizations.  Why should CFOs focus on the task of breaking down these barriers?   Deloitte argues:

The case for creativity seems more apparent than ever. One reason may be the current growth shortfalls at some companies. A recent analysis of Fortune 500 companies found that more than one-third (38 percent) experienced a decline of revenue between 2014 and 2016. Another driver may be the looming prospect of an economic downturn, which may force CFOs to look for original ways to boost efficiencies at their already-lean organizations. In Deloitte’s North American CFO Signals™ survey for the second quarter of 2019, nearly all 159 respondents said they anticipated an economic slowdown by the end of 2020. However, a prospective downturn may also be an opportune time to invest in innovation, calculating tradeoffs that need to be made to emerge from any decline—which 80 percent of CFOs expect to be mild, according to the Q2 2019 CFO Signals survey—with a competitive edge over their creativity-challenged peers.

Check out this edition of Deloitte's CFO Insights to learn more about this topic.  In addition, take a look at the tips provided in the article for how to improve competitive benchmarking practices in your organization.